Red Bank approves $500,000 loan to fund reassessment

Goal is to cut out paying for costly tax appeals

6:44 AM,
Jan. 26, 2014

This sign welcomes visitors traveling on Route 35 to Red Bank.

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Borough officials are hoping that allocating $500,000 for a reappraisal of the borough's real estate will stem having to pay out nearly $1.3 million in successful tax appeals made by property owners over the last three years.

Councilman Michael DuPont, who heads the Finance Committee, said the borough has paid out $1.27 million in refunds from successful appeals during the last three years and has estimated appeals could cost the municipality $487,000 this year.

"The reason we're doing it is for business purposes, so we won't get refunded to death," DuPont said, adding that if an appeal is ...